News focus:
Grayscale CEO stated that if GBTC is converted to a physical Bitcoin ETF, it will reduce management fees.
OKX released the tenth reserve proof, with reserves of 22 publicized currencies all exceeding 100%.
A judge dismissed the Uniswap class action lawsuit, suggesting that developers may not be responsible for the improper actions of third parties.
Circle will launch native USDC on Optimism next week.
After the Grayscale ruling, the average trading volume of BTC surged to a high point not seen since mid-June, but the good times were short-lived as the market fell back into volatility. From on-chain data, the recent rise in Bitcoin was mainly driven by derivative exchanges rather than spot exchanges. Additionally, funding rates remain at neutral levels, indicating that the attractiveness of spot trading is still not as high as it was at the beginning of the year. Caution is needed for the market driven by the power of derivatives.
Looking at the daily structure after the Grayscale victory, BTC retraced from 28168 to near 27000, and ETH retraced from 1745 to around 1700, essentially consuming the second 15-minute rally after the Grayscale victory. However, altcoins performed poorly, with many coins returning to their original levels or even hitting new lows, aligning with the view that it is not advisable to chase highs from yesterday.
Internally, the market has not formed a synchronous effect at the moment. The fate of many altcoins is likely to be a decline back to the starting point, as the short-term market liquidity has not fundamentally changed due to the Grayscale victory.
From a technical perspective, the hourly structure of Bitcoin has been adjusting for a day, but there are no signs of the adjustment ending. As of now, there is still no indication of a convergence of indicators, so attention should still be paid to the support around 26800-27000.
If defense can be completed in this area, there is still a chance for a rebound in the later market. Therefore, 26800-27000 will be an important defensive area for the bulls today.
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